Seeking value primarily in developed markets worldwide

The Fund invests primarily in common stocks of companies in developed countries located outside the US and of companies in the US. Normally, the Fund invests the majority of its total assets in companies that pay dividends or repurchase their shares. The Fund may invest up to 20% of its total assets in companies located in emerging (less developed) markets. Under normal circumstances, the Fund will invest at least 40% of its total assets in companies located in a number of countries outside the US. The Fund’s investment objective is to seek long-term growth of capital and income.

YTD Return*
+25.28%
Nav*
$15.61, +0.13
Inception
April 29, 2008
Cusip
14949P307
Benchmark
MSCI ACWI
Minimum Investment
$1,000,000
Sales Charge
None
Gross Expense Ratio
1.19%
Net Expense Ratio
0.85%
*As of October 15, 2025
**Contractual fee waivers are in effect until 1/31/2026.

Strategy overview

The portfolio managers discuss our Global Value strategy.

Portfolio managers

Fundamental Portfolio Manager
Fundamental Portfolio Manager
President
Head of Fundamental Research
Fundamental Portfolio Manager
Chief Executive Officer
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager
Fundamental Portfolio Manager

Performance

Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 9.2%24.8%23.2%30.1%20.2%11.0%7.7%
MSCI ACWI 7.6%18.4%17.3%23.1%13.5%11.9%7.6%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 9.2%24.8%23.2%30.1%20.2%11.0%7.7%
MSCI ACWI 7.6%18.4%17.3%23.1%13.5%11.9%7.6%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 9.2%24.8%23.2%30.1%20.2%11.0%7.7%
MSCI ACWI 7.6%18.4%17.3%23.1%13.5%11.9%7.6%
Table Header QTD YTD 1 year3 years5 years10 years Since inception
Fund 9.2%24.8%23.2%30.1%20.2%11.0%7.7%
MSCI ACWI 7.6%18.4%17.3%23.1%13.5%11.9%7.6%
Table Header 2024202320222021202020192018201720162015201420132012201120102009
Fund 12.7%29.8%-12.1%16.3%7.4%21.2%-11.1%17.9%7.7%-6.3%5.4%29.2%16.5%-1.3%18.5%40.1%
MSCI ACWI 17.5%22.2%-18.4%18.5%16.3%26.6%-9.4%24.0%7.9%-2.4%4.2%22.8%16.1%-7.2%12.7%34.6%
Table Header
Fund
MSCI ACWI
2024202320222021202020192018201720162015201420132012201120102009
12.7%29.8%-12.1%16.3%7.4%21.2%-11.1%17.9%7.7%-6.3%5.4%29.2%16.5%-1.3%18.5%40.1%
17.5%22.2%-18.4%18.5%16.3%26.6%-9.4%24.0%7.9%-2.4%4.2%22.8%16.1%-7.2%12.7%34.6%

Portfolio (as of September 30, 2025)

Benchmark: MSCI ACWI
Asset Allocation
Table Header Fund
Stocks 97.6%
Cash 2.4%
Fund Characteristics
Table Header Fund Benchmark
No. of holdings 56 2509
Weighted avg. market cap (US $MM) $168,152 $824,573
FY2 price/earnings 13.4 18.6
Price/book value 2.1 3.6
Net assets $55,721,460 -
TOP 10 HOLDINGS
Security Country Percent
Kering SA France 5.1%
Alphabet, Inc. United States 3.8%
Samsung Electronics Co., Ltd. South Korea 3.7%
Alstom SA France 3.2%
Rolls-Royce Holdings Plc United Kingdom 3.1%
Reckitt Benckiser Group Plc United Kingdom 3.0%
Renesas Electronics Corp. Japan 2.6%
Merck & Co., Inc. United States 2.5%
Citigroup, Inc. United States 2.5%
Infineon Technologies AG Germany 2.5%

A “weighted average” measures a characteristic by the market capitalization of each stock. Price/book ratio is the weighted average of the price/book ratios of all the stocks in a portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company’s per-share book value. The price/earnings ratio is the weighted average of the price/earnings ratios of the stocks in a portfolio. The FY2 P/E ratio is a forward P/E ratio using a next-twenty-four months EPS estimate in the denominator.

Holdings are subject to change.

SECTOR WEIGHTS
Sector Fund Benchmark
Information Technology 21.5% 27.2%
Financials 14.0% 17.4%
Industrials 13.3% 10.7%
Health Care 12.7% 8.5%
Consumer Discretionary 12.3% 10.7%
Communication Services 10.0% 8.8%
Consumer Staples 4.8% 5.3%
Materials 3.9% 3.6%
Equity Funds 1.7% 0.0%
Real Estate 1.2% 1.9%
Utilities 1.2% 2.6%
Energy 0.9% 3.5%
TOP 10 COUNTRIES
Country Fund Benchmark
United States 44.2% 64.7%
United Kingdom 14.8% 3.2%
France 9.1% 2.4%
Japan 7.8% 4.8%
Germany 5.3% 2.1%
Netherlands 4.8% 1.1%
South Korea 3.7% 1.2%
China 2.1% 3.4%
Sweden 1.7% 0.8%
Canada 1.6% 2.9%
Regional Allocation
  • North America 45.8%
  • Euro 19.9%
  • Europe - Other 17.6%
  • Pacific 7.8%
  • Emerging Asia 5.8%
  • Emerging Europe, Middle East, Africa 0.7%

Commentary (As of September 30, 2025)

Highlights

  • Developed market equities advanced in the third quarter, driven by Japan and a narrow rally in US mega-cap technology stocks.
  • In the absence of more policy shocks, we believe the headwinds to US job growth from immigration reform and tariff uncertainty may ease next year. An upturn in employment may in turn limit US rate cuts.
  • We are investing in companies with, in our view, durable pricing power, strong brands, and resilient product pipelines, and we view periods of temporary underperformance as opportunities to build positions at compelling valuations.

Portfolio Attribution

The Causeway Global Value Fund ("Fund"), on a net asset value basis, underperformed the Index during the month, due primarily to stock selection. On a gross return basis, Fund holdings in the semiconductors & semi equipment, materials, and food beverage & tobacco industry groups detracted from relative performance. Holdings in the consumer durables & apparel and technology hardware & equipment industry groups, as well as an underweight position in the financial services industry group, offset some of the underperformance compared to the Index. The largest detractor was cruise ship operator, Carnival Corp. (United States). Additional notable detractors included alcoholic beverage distributor, Diageo Plc (United Kingdom), and home-appliance manufacturer, Whirlpool Corporation (United States). The top contributor to return was multinational luxury conglomerate, Kering SA (France). Other notable contributors included electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), and technology conglomerate, Alphabet, Inc. (United States).

Investment Outlook

In the absence of more policy shocks, we believe the headwinds to US job growth from immigration reform and tariff uncertainty may ease next year. An upturn in employment may in turn limit US rate cuts. We believe concentration risk in US equities underscores the importance of diversification, with 40% of the S&P 500 index in its top ten stocks. Continued enthusiasm around AI may underpin market leadership through year-end to growth in the US and emerging markets, with value potentially leading in Europe and Japan. Although the valuation gap between US and non-US markets has narrowed, it remains wide by historical standards, even excluding the richly priced “Mag 7.”

Tariffs continue to weigh on China; despite a recent slowdown in overall fixed-asset investment, we currently expect resilient capital investment for high-tech and advanced manufacturing, including electronics, new energy vehicles, pneumatics and automation, batteries, grid electrification, data centers, and aerospace. Several portfolio companies in Japan and Europe are positioned to benefit from this structural investment trend.

We are investing in companies with, in our view, durable pricing power, strong brands, and resilient product pipelines, and we view periods of temporary underperformance as opportunities to build positions at compelling valuations. We aim to hold management teams accountable for accelerating operational restructuring and improving shareholder returns. We remain confident that active management and disciplined stock selection should continue to uncover attractive opportunities across global markets.

Effective October 1, 2018, the Global Value Fund’s benchmark changed from the MSCI World Index (Gross) to the MSCI ACWI Index (Gross). Causeway believes that the MSCI ACWI Index (Gross), which includes emerging as well as developed markets, better represents the types of securities in which the strategy invests. The market commentary expresses the portfolio managers’ views as of the date of this report and should not be relied on as research or investment advice regarding any stock. These views and the Fund holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. Any securities identified and described in this report do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. Diversification does not protect against market loss. Current and future holdings are subject to risk. A company may reduce or eliminate its dividend, causing losses to a fund. International and emerging markets investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Emerging markets and smaller companies involve additional risks and higher volatility.

Distributions

Table Header Dividends Short-term capital gains Long-term capital gains
2024 $0.2044 $1.0338 $1.8282
2023 $0.1405 $0.1241 $0.0609
2022 $0.0960 $0.0000 $0.0000
2021 $0.0865 $0.1541 $0.1704
2020 $0.1510 $0.0000 $0.0000
2019 $0.3324 $0.1359 $0.0305
2018 $0.1956 $0.2508 $1.2062
2017 $0.2363 $0.4167 $0.1330
2016 $0.1493 $0.0000 $0.0000
2015 $0.1251 $0.0000 $0.2089
2014 $0.2232 $0.3781 $0.5989
2013 $0.1162 $0.2969 $0.1573
2012 $0.0968 $0.0094 $0.0380
2011 $0.0959 $0.0000 $0.0000
2010 $0.0800 $0.0000 $0.0000
2009 $0.0793 $0.0000 $0.0000
2008 $0.1306 $0.0500 $0.0000

Distributions are per share. Distribution amounts are based on gains and losses realized and income earned by the Fund through October 31 (or earlier under certain circumstances).

Documents

Fund information:

Forms: